Data on affording a home in Detroit, both as a homeowner and renter January 2012 - February 2026.
Includes:
New Homeowner Income Needed: An estimate of the annual household income required to spend less than 30% of monthly income on the total monthly payment after newly purchasing the typical home with a 20% down payment.
New Renter Income Needed: An estimate of the household income required to spend less than 30% of monthly income to newly lease the typical rental.
Affordable Home Price: An estimate of the home price such that the total monthly payment on such a home would not exceed 30% of the median household’s monthly income with a 20% down payment.
Years to Save: A measure of the number of years it would take the median household to save for a 20% down payment on a home, assuming they are able to save 10% of their income into a simple savings account accruing no interest. This is equivalent to the number of years it would take the median household to save for a 10% down payment, assuming a 5% savings rate.
New Homeowner Affordability: A measure of the share of income the median household would spend on a newly purchased home, including its mortgage payment, homeowner’s insurance, property taxes, and maintenance costs. Typically, spending more than 30% of income on housing is considered unaffordable.
New Renter Affordability: A measure of the share of income the median household would spend to newly lease the typical rental. Typically, spending more than 30% of income on housing is considered unaffordable.